Navigating the strategies for intra-organizational challenges to enhance the performance: insights on balancing exploration and exploitation

Abstract

In 21st century, referring to the knowledge society, exploration and exploitation are vital concepts in organizational management, particularly within knowledge-based strategies. Leading companies such as Microsoft, Intel, and Google recognize the significance of knowledge management for core competitiveness, leading to the establishment of supportive cultures and infrastructures. This research investigates the dynamics and implication of exploration and exploitation in the context of knowledge management. Exploration involves creating new knowledge through innovation, risk-taking, and flexibility, while exploitation focuses on refining and utilizing existing knowledge for implementation and efficiency. Since previous research has given limited attention to the complexities faced by real-world organization and individual-level strategies on it, this study aims to address these gaps and navigating strategies for intra-organizational challenges. The research comprises three chapters, each examining a key aspect within the realm of exploration and exploitation. This research explores 1) the impact of individual autonomy on the balance between exploration and exploitation, 2) the effects of goal discrepancy within the organization and its implication on exploration and exploitation, and 3) the challenges and strategies associated with pursuing multiple goals despite limited resources. By bridging theoretical models and practical realities, this research contributes to the existing literature on exploration-exploitation dynamics, decision-making process, goal management, and knowledge management. Theoretical contributions include a deeper understanding of the interplay between individual behaviors and organizational outcomes, shedding light on the complexities of managing exploration and exploitation. Also, it offers practical insights for decision-makers in their pursuit of a balance approach to exploration and exploitation.